Image: Vienna Stock Exchange
As part of a study on share ownership, the Stock Forum, the Industrial Association (IV) and the Vienna Stock Exchange have once again pushed for measures to make the capital market more attractive for long-term wealth creation. They cite the abolition of capital gains tax (KESt) on securities with a simultaneous retention period as well as the possibility of carrying forward losses or offsetting losses as effective levers. But increased financial education is also important.
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“It is incomprehensible why politics has been slowing down here for so long,” says Robert Ottel, President of the Stock Forum. The abolition of capital gains tax was brought into play by Finance Minister Magnus Brunner (ÖVP) around two years ago. However, an agreement with the green coalition partner has not yet been reached. According to the Greens, abolishing capital gains tax on securities would primarily benefit the rich and capital gains would be given even greater preference over labor income. A retention period of ten years suggested by Brunner has not yet convinced the Greens.
“We need a capital market offensive”
“The federal government must provide people with more support on this path and create attractive framework conditions – we urgently need a capital market offensive,” says IV President Georg Knill. In addition to tax incentives, sufficient financial education is also an important factor in giving people the necessary security to invest in the capital market, according to the joint release.
“Of the approximately 2.1 million people in Austria who own securities, 1.3 million earn less than 3,000 euros. This is the middle of society. These groups of people need to be relieved,” Ottel continued. According to a study by Peter Hajek Public Opinion Strategies GmbH among 2,000 participants, 27 percent already own securities, in most cases funds or ETFs (exchange traded funds/stock exchange-traded funds), but stocks and bonds are also held. Another 21 percent are interested in investing in securities in the future.
The proportion of women investing is still low
Long-term provision on the capital market is crucial, especially for women. “While more and more men are investing in securities, the number of women is only growing slightly. Especially in view of the pension gap, it is important that women actively work for their financial future and participate equally in the capital market,” said the deputy chairwoman of the supervisory board of the Vienna Stock Exchange , Angelika Sommer-Hemetsberger.
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Of all those surveyed in the study, 36 percent of men currently own securities, but only 19 percent of women. Men are also more likely to have invested more money in securities. According to the study, men, older people (50 to 59 year olds) and more highly educated people were significantly more likely to be found in the group of respondents who stated that they held more than 5,000 euros in securities.
When asked about the reasons for investing in the stock market, 45 percent said that long-term wealth creation was very important to them. Another 43 percent primarily want to preserve the value of their money in times of high inflation. For 24 percent, it is also very important to achieve a short and medium-term profit.
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Source: Nachrichten
